HYUNDAI SALES UP 6% IN JULY
“As Hyundai sales cruised through another month in a positive note, HARI is expected to maintain its solid pace for the remainder of the year buoyed by strong growth in the economy fueled by robust household consumption.”
- Ma. Fe Perez-Agudo, HARI President and CEO
Performance and Drivers
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, registered a promising 6% year-on-year growth in July to a total of 1,952 units.
Hyundai’s positive sales track was sustained by brisk sales from the Passenger Car (PC) segment. PC sales hit a total of 1,411 units in July, reflecting 33% growth in sales. The strong showing from PCs has managed to boost its year-to-date performance by 22% to a total of 9,307 units. The Korean brand’s PC sales was kept healthy by the outstanding performance from the EON and Accent, both of which posted 191% and 69% year-on-year growth in July.
However, Light Commercial Vehicle segment (LCV) was unable to keep pace with the stellar growth of the PC segment. Sales for the LCV front dropped by 31% to only 541 units sold in July. Meanwhile, the year-to-date sales performance of LCV segment declined by 18% totaling to 4,296 units. Notwithstanding the LCV segment’s lackluster performance, the Grand Starex outperformed with 34% growth in sales for the month of July banking on its established brand presence in the Philippines.
Over-all, Hyundai’s sales tally for the first seven months of the year reached a total of 13,603 units or up by 6% compared to the same period last year.
Sales and Economic Outlook
The Bangko Sentral ng Pilipinas (BSP) has decided to raise interest rate by 25 basis points as a pre-emptive response to temper the expanding inflationary environment. According to the BSP, notwithstanding the higher interest rate outlook, the economy is still expected to hit the 6.5% to 7.5% growth target this year. Consumer spending is seen to remain strong for the rest of the year due to the sustained US dollar remittance inflow from OFWs and the support from the BPO sector.
The automotive industry is expected to hit another double-digit growth this year due to favorable macroeconomic fundamentals.